Bond Calculator Objectives | Bond Calculators

The most common calculation objectives when using bond calculators are calculating monthly bond repayments & interest, determining levels of affordability, calculating the income qualification benchmark based on a required bond amount and analyzing optimal bond repayment options.

All of these objectives can be met by using our bond calculators. We also provide additional bond calculations which enable users to calculate sensitivities around the main bond variables – interest rates, bond periods and deposit amounts.

A comprehensive transfer and bond cost calculator is provided to assist in calculating an accurate estimate of the bond and transfer costs that will be incurred when purchasing a property. Our bond calculators also feature an amortization table which includes a column for the outstanding capital percentage – this calculator is well worth having a look at and is guaranteed to enhance any user’s understanding of how the outstanding capital amount is repaid over the entire bond period.

All our bond affordability and minimum income calculations are based on net disposable income as required by the National Credit Act.

Home Loan calculators helps to detail you the exact information related to your saving investment.

Mortgage Plus Bond Originators Recommend the Following Calculators:

Minimum Income Calculator

This bond calculator will show you what your monthly instalments will be and what monthly income you need to secure the loan.

Maximum Bond Calculator

Use this Bond Calculator to work out what is the maximum amount you can borrow according to your income

Bond Repayment Calculator

Use this Bond Calculator to work out what your monthly repayments will be.

Bond Status Calculator

This bond calculator shows you how much you still owe on your Home Loan, as well as how much Interest and Capital you have paid.

Increased Installment

This bond calculator will show you how much you can save by increasing your monthly installment. You will see how the repayment term shortens as well as the total savings in interest.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za

How to Know What you Can Afford when Buying Real Estate

If you are considering buying a home the first thing that comes to mind is affordability. How do you know what you can afford?

Wouldn’t it be great if you could just write a cheque for the home of your dreams and to know that it is taken care of? Almost like buying a new set of golf clubs or a leather coat. Just write out a cheque. But unfortunately, very, very few (if any) people in today’s life can afford buying a home like this. In the real world, the way to go is a mortgage. Taking out a mortgage is a very big commitment and the following questions should be answered before making any decisions.

Firstly, you should ask yourself what your ability is to make a down payment. If a down payment is required, you should know how to go about getting the money and how much you will be able to give toward a down payment.

Secondly, ask yourself what your ability is to make monthly payments. Monthly payments on your mortgage are one of your most important monthly payments you will ever make. Not only can you lose your home if you don’t make these payments, but you can be blacklisted and never be approved for a home loan again.

Your financial future should be taken into consideration as well. You should know the stability of your earning power before making this kind of commitment. If you are not sure if you will have a job in the next six months because your company is retrenching left right and centre, you should probably not make such a huge financial commitment at this stage. But even if you are sure you will be able to make the payments every month, on time, you should still have a contingency plan. This is necessary for a worst-case scenario. Anything can happen and you might need the money for something else, so when taking out a home loan, make provision for the unforeseen and make sure that if something should happen that makes it impossible for you to make the monthly payment, you have some savings to cover your monthly payment.

Chances are slim that you will need this, but like insurance and medical aid, if you don’t have it, something will happen and if you do have it, you will hardly ever need it! Better safe than sorry.

Please contact us if you require any further information or would like to apply for finance:

Complete this short form online

011.327.4489 / 0861 1111 93

morne@mortgagepluscc.co.za

www.mortgagepluscc.co.za